09/15/2025
🎯 Flash Kash “Big Beautiful Bill” Tax Tip Series
1. Standard Deduction is King 👑
Most taxpayers now get more benefit from the standard deduction than itemizing.
💡 2023: $13,850 (single), $27,700 (married), plus a senior bonus if you’re 65+.
👉 Always check which option saves you more.
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2. Senior Deduction Bonus 🧓🏽👵🏽
If you’re 65+, you get an extra deduction bump on top of the standard.
✅ That means even bigger tax savings with less paperwork.
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3. Child Tax Credit 💕👶
Families can claim up to $2,000 per child under 17.
💡 Up to $1,500 can be refundable (cash back, even if you owe nothing).
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4. Pass-Through Business Deduction 💼
Small business owners, LLCs, and independent contractors may qualify for a 20% deduction on qualified income.
👉 A game changer for entrepreneurs.
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5. State & Local Tax (SALT) Cap ⚠️
Deductions for state and local taxes are capped at $10,000.
👉 High-property-tax states? Plan carefully to avoid surprises.
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6. Mortgage Interest Deduction 🏠
Interest is deductible only on mortgages up to $750,000 (down from $1M before the TCJA).
👉 Refinancers and homebuyers, keep this in mind.
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7. Miscellaneous Deductions Gone ❌
Employee unreimbursed expenses (like uniforms, tools, union dues) are no longer deductible.
👉 Good time to ask your employer for reimbursements instead.
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8. Medical Expense Threshold 💊
Only medical expenses that exceed 7.5% of your adjusted gross income can be deducted.
👉 Keep receipts — big medical bills might still help at tax time.